Supply zones: $0.32, $0.33, $0.34
Demand zones: $0.31, $0.30, $0.29
XRP/USD Medium-term Trend: Ranging
XRP/USD is on the ranging trend on the medium-term outlook. The crypto has been range – bound within the supply zone of $0.32 and demand zone of $0.31 for more than one week. XRP found its low at $0.30 on March 4.
The Bulls prevented further reduction in the price of XRP with the formation of doji candle followed by bullish candles that broke up the $0.31 demand level and the dynamic resistance of 21 periods and 50 periods EMA. The Bullish momentum pushed up the coin to touch the supply level of $0.32. Since then, the crypto started ranging within the symmetrical triangle formed.
The two EMAs are interlocked to each other as a sign of consolidation and the XRP is hovering over the 21 periods EMA and 50 periods EMAs within the range. The breakout is imminent; the bullish break out at the upper trend line of the triangle will increase XRP price to $0.33 price level in case the bulls gain enough momentum while the bearish break out at the lower trend line of the triangle will make the coin to find support at the previous low of $0.30. Meanwhile, the Stochastic Oscillator period 14 is below 60 levels with the signal lines bending down.
XRP/USD Short-term Trend: Ranging
XRP/USD is on the sideways movement on the short-term outlook. A “Cup shape with handle” candle pattern formed on the 1-Hour chart within the symmetrical triangle led to the consolidation within the range of $0.32 supply level and $0.31 demand level.
On March 20, an attempt was made by the bulls to breakout with the formation of the strong bullish candle but the move was opposed by the Bears’ pressure.
The two EMAs are interlocked within the triangle and XRP price is trading over the two EMAs; that is evidence of consolidation in the market of XRP. The Stochastic Oscillator period 14 is at 20 levels with signal line turning down to indicate bearish pressure.
